BC Homes for Sale
Tips On How To Buy And Shop For Authentic Native Indian Carvings
Many visitors to the Pacific Northwest will be exposed to Native Indian art while touring the region, especially in British Columbia. Among this aboriginal artwork are the magnificent hand made Pacific Northwest Native Indian wood carvings by the Canadian aboriginal artists Read the rest of this entry »
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The Beautiful City of Vancouver, BC. The land of mountains, ocean, beautiful scenery, the 2010 Olympics and unfortunately bed bugs!! Bed bugs are becoming an increasing problem in many major cities. The amount of reported cases of bed bugs in Vancouver have doubled every year for the last 6 years. At this time New York City is one of the predominate Read the rest of this entry »
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Real Estate Is Growing But May Slow Down
Real estate starts in Canada dropped by 1.5% in March, following a brilliant start to 2010 with larger figures in both January and February. There were 189,000 real estate starts in January, with 7.5 percent upturn. This was accompanied by an increase of 6% in February, to a sum of 200,400, the first instance that the 200,000 level was passed since October 2008.
Real estate was one of the fastest sectors to show indications of recovery following the financial downturn, as moderate interest and federal funding opportunities inspired lenders to hand out funds. As these beneficial elements are lost and the market is handed over to itself once more, house starts are beginning to be affected. The property sector is predicted by many economists to fall in late 2010. However for the moment there is still a large demand for regions like Mississauga where purchasers are vigorously searching for Mississauga MLS listings so as to to buy their next property.
The information now circulated for March 2010 was an overall fall in house starts, to 197,300, on yearly, seasonally-adjusted basis. Economists answering a Bloomberg poll had forecast it to be 205,000.
The total for house starts in March was derived from a much more varied picture, with assorted geographic regions and property types showing their own increases and losses. Starts of condominiums and apartment buildings were significantly trimmed, however single family homes saw a boost. Some builders of Mississauga condominiums, however, have returned to completing some projects that may have been on hold for a while. Certain regions of the country were also experiencing gains, as others saw big falls in property starts.
It was starts of multiple family buildings that saw the most severe fall in March, dropping by 15.2% to 77,500 starts. In spite of this big fall, this is a unpredictable sector within the property sector, which may turn around quickly.
The overall fall did not reflect the big growth produced in many regions of the property sector. After a rise of 6.9 percent, starts of single-occupancy dwellings attained a four-year high of 97,700. This made March the eleventh consecutive month during which this sector grew, with a total upturn of 126% since its lowest point during the recent recession.
Some sections of the country exp
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erienced stronger expansion and falls than others. Quebec and the Prairies saw larger numbers of starts, of 13.5% and 7.3%, respectively. British Columbia saw a decline of 16.3 percent, with comparably severe falls of 15.5 percent in Ontario and 7.3 percent in Atlantic Canada.
Rural sections were more likely to record a rise in starts, although certain urban sections such as Vancouver, where house starts in the first part of 2010 were 76% higher than in the same quarter in 2009. There were approximately 22,100 starts in rural sections for March, equated to 17,600 starts in February. Urban sector house starts fell by 4.2 percent, to 175, 200.
The March figures for house starts contributed to a quarterly increase of 8.2 percent. There were higher rises, of 15.2 percent and 22.1 percent respectively, in the previous two quarters, but house starts did continue to rise in the first part of 2010, even though there was an overall fall in March.
By: Stefan Hyross
Article Directory: http://www.articledashboard.com
Stefan Hyross is an authority on the subject of real estate and writes for Square1condosforsale.com that specializes in Mississauga condominiums and townhouses. You can commence your quest for Mississauga MLS Listings by clicking on the website and you can also stay informed regarding the market.
www.square1condosforsale.com/
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The term “closing costs” is used to describe the expenses that are commonly incurred in the process of purchasing a home. Not all costs are the same in all situations; however, there are few that will almost always be incurred. The future homeowner is responsible for covering all closing costs so it is important to be aware of them to know which are applicable. See below for a comprehensive list of most all of the potential closing costs.
1. Land transfer tax – When a home changes hands, many provinces and a few municipalities charge a property transfer tax or title transfer fee. In British Columbia, the land transfer tax is calculated as 1% of the first $200,000 of the purchase price plus 2% of the balance (e.g. for a $500,000 property, the land transfer tax will be $8,000; 1% of $200,000 = $2,000 + 2% of $300,000 = $6,000). This tax is paid at closing (appointment with solicitor) and banks do not finance this (you should think of this cost similar to, but in addition, to the down payment in that it is an out of pocket expense). First time buyers in BC however, may qualify and be exempt from this tax when buying the first home they will live in. Please contact me directly for full details on this program.
2. Appraisal fee – The lender/bank may require that you have the home appraised to confirm its market value. This is more common when the mortgage is NOT insured (i.e. when the down payment exceeds 20% of the purchase price or in a refinance when the mortgage amount is less than 80% of the home’s market value). Fees vary depending on the size of the property, property type, and amount of detail required in the report, but will typically cost $300 to $400.
3. Home inspection – An inspection can help make you aware of issues related to a house’s structure and systems, such as plumbing and electrical, and recommended or necessary repairs. This is at the discretion of the purchaser and is not a requirement for financing. The cost of a home inspection can range from about $350 to $450.
4. Home/fire insurance – Your lender will require proof that the property is insured in case of fire and other damage. Insurance costs vary depending on the property type and coverage obtained, however, budget for about $300 to $500 a year.
5. Legal fees – A lawyer or notary will help protect your interests by reviewing your purchase agreement, searching the property title, and ensuring that all documents are completed properly. Legal fees for a straight forward purchase will be approximately $1,100 to $1,200.
6. Title insurance – Title insurance can safeguard you against fraud and problems with your property title or survey. Fees range from $150 to $350.
7. Costs for newly constructed homes – If you are buying a brand-new home, be prepared to settle any items not quoted in the original price, including upgrades or paving and landscaping fees. New homes are also subject to 5% GST or 13% HST, although this is often included in your purchase price. A federal rebate reduces the GST or the federal part of the HST to about 3.5% for homes valued at $350,000 or less.
8. Prepaid costs – If the seller has already paid for property taxes, water bills, or other utilities in advance, you will need to reimburse these at closing. This can add to your upfront costs, but you will have then prepaid these bills for the first months in your new home.
9. Moving-in costs – Before the big day, budget for all those last minute things: $100 or more to rent a van or a few hundred dollars for professional movers, $50 to $60 for a locksmith to re-key your locks, $50 to $200 for cleaning supplies or professional cleaners, etc. Such incidentals can come to $500 or more.
10. Life and disability insurance – This type of insurance is not typically considered a “closing cost”, however, it should be looked into at the time of arranging a mortgage. Life and disability insurance is about ensuring that you, as well as others possibly, will be looked after should something unfortunate happen to you either for a brief or permanent amount of time and affect your ability to earn an income.
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I am not going to deny it: after thirty-four years of living in this city I am still thoroughly in love with it. And mind you, I was born in and am coming from another beautiful city, renown throughout the world for its beauty and fine arts: Florence, Italy. And this is the thing with me. When you come from a pretty town like Florence, Italy it takes truly a lot to make you fall in love with another pretty town. In this respect, therefore, the judgment I render on Vancouver, BC is certainly more rigorous than the critiques other people might proffer.
There are indeed quite a few things that make Vancouver, BC one of a kind town. For starters, if you choose to make Canada your new home – or second home – this is the only one place where temperatures are ‘civilized’ pretty much all year round. Our 2 degrees Celsius (37 degrees Fahrenheit) minimum wintertime average does not sound that bad when you compare it to the minus XX for the rest of the country. Secondly, Vancouver is definitely not a working town. With a mean yearly income of CAD $84,000 per household, a fantastic scenery and the prettiest girls in Canada, Vancouverites are faithful followers of the West Coast lifestyle, originally imported from San Francisco – except that here we do it better. In fact, whereas in San Francisco people actually work for eight hours a day (or so they say), here we do absolutely nothing day and night – except pretending to go to work.
Like San Francisco, Vancouver is crowded with Chinese people (which include Hong Kong, Macau, Taiwan in addition, of course, to Mainland China), except that ours are the wealthy Chinese – at least judging from the fact that they have snapped up all the real estate they could possibly buy, and then gotten into high-rises development and given the Vancouver skyline a much needed facelift. Which, by the way, brings up to mind the fact that when I bought my one bedroom plus den apartment here in Downtown – one of the five properties I own – where I am writing this Article right now, on the twenty-fourth floor of an ultra-modern skyscraper with all the facilities and amenities one could possibly imagine and a fabulous view, I paid CAD $155,000 for it in 2001 (about USD $124,000 back then), and now a good friend of mine has just sold her own apartment, which is pretty much like mine but on the twelfth floor of the same building for CAD $305,000 (I brought her an offer of CAD $295,000 and she did not even counter …).
All of which brings me to the substance of this Article: what distinguishes Vancouver from the rest of North America is not the fact that property values have appreciated so much. In the past five years, real estate went through the roof just about anywhere. What does distinguish the Vancouver real estate market from all others is that in the wake of the 2010 Winter Olympics property values are forecasted to almost double within the next four years. And this is at a time when interest rates are on the rise and when north-american markets are poised to expand at an average rate of five to ten percent a year, depending on where you are.
To say that the economy of British Columbia is booming at this time already is probably an understatement. But if one is to believe the projections of the Urban Futures Institute, the British Columbia Economic Council, the City of Vancouver and, heck, even Statistics Canada, this is nothing compared to what it is going to happen to property values in this town. Here is why: the provincial and federal governments will be injecting CAD 1.7 billion (yeah, that’s billion with a ‘b’ … like ‘Bob’) in the final four-year stretch of building, fundraising and planning for the monumental event. World-class facilities have been promised for the 2010 games, including a new Speed Skating Oval and Winter Sports Centre, improvements on the 120 Km Sea-to-Sky highway connecting Vancouver to Whistler, construction of the Vancouver Olympic Village, construction of the Whistler Sliding Centre – host of the bobsleigh, skeleton and luge events. There will be a new ice Hockey Arena at the University of British Columbia (UBC), a new Curling Centre, a separate Figure Skating Centre, a Short-Track Speed Skating Arena, retrofitting of the General Motors Centre and of the BC Stadium, construction of a brand new express subway connecting the Vancouver Downtown core to the airport and a myriad improvements all over town, so as to make Vancouver ready when the olympic torch enters BC Stadium on February 12, 2010. All in all, if one takes into account increased security, installation of all sort of paraphernalia and electronic gizmos to make us all feel more secure, and any and all other ancillary costs, the provincial and federal government will be handling a budget close to CAD $2 billions.
All of which, then, translates into the creation of 228,000 jobs in British Columbia over the next four years, directly or indirectly generated by the resulting estimated CAD $12-billion volley of economic activity. And all this frenzy is expected to promote an influx of approximately 100,000 people per year into the Metropolitan Vancouver area so that its population will reach 2.2 million by 2010 – and that does not even take into account tourists and visitors which will be flocking in from the four corners of the world, but mostly from Ol’ Uncle Sam’s country of residency. Which, besides creating a gargantuan traffic jam, will push prices of condos in Downtown from the present CAD $500 per square foot to about $1,000 per square foot, thus catapulting Vancouver, BC from the present fifteenth most expensive place in the world to live in, to the seventh. And, considering that in Downtown we have just run out of space entirely … I believe it!
So, if you are one of those investors who likes to purchase real estate away from home, before you consider Timbuktu as your next investment destination you may be better off to take a closer look at what’s happening right here, in Vancouver B.C. And since I so happen to be involved, by grace of God, into real estate sales (boy, isn’t this your lucky day …) and know this market like the back of my hand, if there are any questions, clarifications or merely additional info requested or required, just go to my blog – the Real Estate Chronicle – and send me an e-mail, which I will be more than thrilled to answer.
Luigi Frascati
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Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton-Centre Realty in Burnaby, BC.
Luigi is very proud to be an EzineArticles Platinum Expert Author. Your rating at the footer of this Article is very much appreciated. Thank you.
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Local News – Victoria, BC
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Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…
Nine Inch Nails – The Big Come Down -Sacramento HD Single Cam …
Registration is closed. Sorry, you are not allowed to register Read the rest of this entry »
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How To Market Your Home In Nanaimo
Various TV shows focus on houses staging. You should take interest in these shows so that you can get information about real estate. You can take the help of experienced agents. The Nanaimo Real Estate Organization offers you experienced mediators. You should take time to maintain your house of displaying. Read the rest of this entry »
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Vancouver’s stable economy and growing population has put it on top of the list of places in the country in which to invest in real estate. There are different localities in Vancouver which seem to be choice spots for investors, due to different contributing factors. Vancouver, just like most other places, has seen a surge in prices as well as Read the rest of this entry »
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The Effect Of Filing For Bankruptcy On A Home Foreclosure
In the years leading up the recent financial crisis, the housing bubble spurred a dramatic rise in new home ownership. At the same time, many of the nonconventional mortgage schemes (also known as “subprime” loans) precipitated many of the financial woes currently being Read the rest of this entry »
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Ok so you might find the next few links interesting. These are from around the web, just random snippets that I’ve picked up in my reading, but I found some very cool information in them. You might too. Here goes…
West Vancouver REMAX realtors – West vancouver real estate numbers
West Vancouver real estate market along with about seventy per Read the rest of this entry »
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